Journalist
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Key Takeaways
SOL flipped BNB after the world’s largest treasury firm finalized a $1.65 billion raise to double down on the token.
Solana [SOL] has surpassed Binance coin [BNB] as the top five crypto asset by market cap after the latest rally.
SOL pumped nearly 8% post-CPI print and briefly tagged $240 as press time. This raised its market cap to over $129 billion, outpacing BNB’s size by $3 billion.
Source: CoinMarketCap
Galaxy acquires more than $486M SOL
SOL’s extended rally was also boosted by the update that Galaxy, Jump, and MultiCoin raised $1.65 billion to create the world’s largest SOL treasury firm, Forward Industries.
For Galaxy, the move would signal Solana is ‘uniquely positioned to power the next generation of capital markets.’
Mike Novogratz, Founder of Galaxy Digital, echoed the same sentiment, calling it a ‘Solana season’ as the network can handle more transactions and is tailor-made for financial markets.
In fact, Lookonchain analytics indicated that Galaxy Digital acquired $486 million worth of SOL in the past 24 hours.
Source: Lookonchain
It was not clear whether this was connected to the Galaxy-led SOL treasury firm. However, most analysts had projected that SOL could print a new all-time high if more firms join the treasury trend.
For his part, an analyst at Syncracy Capital noted that the treasury firms would absorb sell pressure from the altcoin.
“Some will be locked SOL, some will be from the market. Either way these vehicles are REMOVING %’s of supply from would be sellers”
That said, the SOL/BNB ratio, which tracks SOL price performance relative to BNB, has recovered 24% since August.
This meant SOL outperformed BNB in the past few weeks. If the ratio extends its rally by 37% to early 2025 levels (0.36), the implied price target would be $327 per SOL.
Source: SOL/BNB, TradingView
However, Options traders were only pricing a 12% chance that SOL could hit $300 by September. But in Q4, the odds surged 30% to 40% for $300-$350 price target.
For $250 level, though, the odds were above 50% by September.
Source: Deribit
Overall, the market was bullish on SOL, especially with more firms piling on the treasury trend. Additionally, the expected Fed rate cut could push the altcoin higher into Q4.
